Purchase of property
This query is : Resolved
27 January 2011
Hello Sir,
My quiery is one of our client has purchased a property in the name of his son without having a knowledge of gift deed and that to in cash. now what can be Consequences of income tax?? and as per which sec??? does it attach a sec 281?
My quiery is one of our client has purchased a property in the name of his son without having a knowledge of gift deed and that to in cash. now what can be Consequences of income tax?? and as per which sec??? does it attach a sec 281?
27 January 2011
Purchasing of property in the name of relative is not under gift tax.
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Guest
Guest
(Expert)
27 January 2011
It can be attached u/s 281 if it can be held to be a benami property.
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